Clients' money - type of accounts

How many client bank accounts does your firm operate?

General client bank accounts

This needs to include all general client accounts held at the time you are completing this return.

Discrete of Designated client bank accounts

Discrete client accounts are those held and used for one client only. A discrete account will usually incorporate the name of the client in the title.

Auction or farm sale bank accounts

In an auctioneering context, clients' money is the amount received from purchasers and held by the auctioneer on behalf of vendors, less any amount due to the auctioneer for commissions and costs incurred, including VAT.

Bank accounts not wholly controlled by the firm

This usually occurs when both the firm of Chartered Surveyors and the client can withdraw funds from the account. The money held in such an account is not classed as clients' money. Your clients' need to be aware that the RICS Client Money Protection Scheme does not cover such accounts.